Foreclosure Sales Drop Substantially


Discovery Bay, CA (PRWEB) November 13, 2008

ForeclosureRadar (http://www.foreclosureradar.com), the only internet site that tracks every California foreclosure with every day auction updates, today issued its California Foreclosure Report for October, 2008. Foreclosure sales dropped by 39.1 % from the prior month, due to important increases in cancellations and postponements. Beneath California law, scheduled foreclosure sales can be postponed for a period of up to one year, until they are either cancelled or sold. Cancellations, exactly where the home is taken out of foreclosure, increased by 78 percent in October, resulting in nearly 20 percent of foreclosure sales scheduled for October getting referred to as off.

&#13

Notice of Default filings, which begin the foreclosure process, continue to be substantially impacted by CA State Senate Bill 1137, as lenders work by means of the new requirements the law imposed. Notices of Trustee Sale, however, rebounded following a considerable drop the prior month.

&#13

Higher-level findings incorporate:

&#13

o